ICBC

Industrial & Commercial Bank of China Ltd., China's largest bank by assets, has won approval to set up a wholly owned investment-banking unit in Hong Kong, as the big Chinese lenders continue to diversify into financial services beyond their traditional business of lending and taking deposits.

Industrial & Commercial Bank of China Ltd., the world's biggest by market value, is ``seeking every opportunity'' to expand in Hong Kong following a bid for the city's Wing Lung Bank Ltd.